How to Build Blockchain Platform Like EOS In 2024?

The blockchain media is currently highlighting emerging trends in digital transactions and cryptocurrency, sparking a wave of excitement among users eager to explore platforms with diverse options and settings. The growing acceptance of bitcoins and cryptocurrencies is truly remarkable, signifying a pivotal shift in the financial landscape. Blockchain, as a technology, remains relatively unexplored and decentralized, brimming with unknown features and potential applications that are yet to be fully discovered.

Numerous businesses are heavily investing in the development of blockchain platform like EOS, aiming to generate substantial revenue opportunities and revolutionize various industries. These investments are indicative of the faith that the corporate world has in blockchain technology’s transformative power. Despite its widespread recognition and use across many sectors, cryptocurrency faces regulatory challenges, including outright bans in several countries, which complicates the use of platforms like EOS blockchain. These regulatory hurdles can stymie innovation and adoption, but the industry remains resilient and hopeful.

Nonetheless, it is anticipated that online transactions will experience significant growth in the near future, driven by the unique advantages of blockchain technology such as enhanced security, transparency, and efficiency. With this optimism, we embark on the journey of EOS blockchain development, confident that the future holds immense possibilities for digital transactions and the broader financial ecosystem. As we delve deeper into the intricacies of blockchain, we look forward to uncovering new features, addressing current challenges, and contributing to the evolution of this groundbreaking technology.

EOS – A Blockchain Currency

In the current landscape, blockchain is increasingly regarded as one of the most promising and rare revenue-generating technologies in the market. It offers users an exceptional experience for token exchange and transaction capabilities while also providing significant employment opportunities for developers. To create a similar application with diverse trading options, reaching out to a blockchain app development company can be an excellent step. Numerous alternatives to the EOS blockchain platform exist, presenting formidable competition. The future may well see a shift towards exclusively digital transactions and virtual currencies, replacing traditional methods.

Future Predictions and Projections

1. Market Trend

It was predicted that the blockchain market would expand from USD 943 billion to USD 1,245 billion at a Compound Annual Growth Rate (CAGR) of 55.4% by the end of 2030. Instead, it is now expected to increase at a CAGR of 80.8% until 2032.

2. Growth Factor

The revenue for the blockchain business is projected to reach $71.5 billion, growing at a rate of 8.2% until 2028. This momentum is anticipated to pick up further during the forecast period of 2024-2030. As a business investor, now is an opportune time to connect with a platform development company to create a blockchain platform akin to EOS.

3. Impact on Employability

The blockchain industry has become a significant source of employment, creating over 15.6 million jobs across the United States. In the post-pandemic era, the sector has seen a remarkable employee retention rate of 26.4%, demonstrating its robust capacity to provide stable and rewarding career opportunities.

Also Read: 5 Crucial Things You Should Know About Blockchain Technology

How Do Platforms like EOS Work?

There are very few resources that clearly explain the working mechanisms of blockchain applications. This section aims to demystify how blockchain platforms like EOS function. Below are some general steps that outline the basic process:

1. Create an Account

Before accessing the landing page, users are required to create an account. This mandatory step involves filling in all necessary details, including name, email, contact information, and payment methods. Creating an account is essential for enabling trading operations. Investing in the development of a crypto wallet and a blockchain platform like EOS could be a highly advantageous move for your business.

2. Log in to Your dApp

After creating your account, you can access the application by logging in. Users will need to enter the correct login credentials to utilize the features provided in the decentralized application (dApp). If you aim to offer users a similar platform, partnering with a dApp development company would be a strategic and beneficial choice for your business.

3. Start Trading

Users have the flexibility to select from a variety of trading options and cryptocurrencies, ensuring a smooth and efficient trading experience. Numerous platforms similar to EOS crypto offer distinct features and various bitcoin choices for their users.

4. Invest Money

Now, users have the opportunity to invest their money in different cryptocurrencies for trading, similar to the EOS blockchain. Various non-transferable tokens are used in blockchain transactions, such as soulbound tokens, which represent an entity or character. These unique tokens enhance the security and authenticity of transactions on the platform.

5. Exchange Tokens

In the blockchain industry, developing a platform similar to EOS can be highly lucrative if you include token exchange capabilities. Tokens serve as a fundamental and essential unit in blockchain technology. By facilitating token exchanges, you can potentially increase your earnings significantly. To maximize these benefits, consider creating a smart contract on the blockchain. Collaborating with token development companies can help you achieve a more comprehensive and beneficial solution.

6. Withdraw Earnings

Finally, users have the option to withdraw their invested funds after a predetermined period. Initially, transactions were handled exclusively in United States Dollars as the standard currency unit. However, nowadays, multiple currencies are traded globally. As a business investor, you can also develop a blockchain platform similar to EOS and implement a variety of transaction sources to cater to a broader audience and enhance the versatility of your platform.

Steps to Develop a Blockchain Platform like EOS

As a business professional in the payment industry aspiring to develop a blockchain platform similar to EOS, it is unrealistic to expect to undertake this complex process alone. Expert guidance is crucial to navigate the intricacies of blockchain development. Partnering with a seasoned blockchain development service provider is essential to address every challenge and provide comprehensive support through each phase of the project. Here are a few critical initial steps you should consider:

1. Understand Requirements

It is crucial to have a thorough understanding of blockchain technology and the current market trends. Once you acquire knowledge about EOS crypto, you can then prepare a prerequisite list of your requirements. This foundational understanding will support the long-term success of your business, helping you navigate the complexities of the blockchain ecosystem effectively.

2. Idea and Algorithm

Many blockchain development platform-based services are active in the digital currency market. You can reach out to any of these companies, as they can recommend the most effective and feasible methods for developing a blockchain platform similar to EOS. They are also well-equipped to suggest the appropriate algorithm suited for your blockchain platform development.

3. Frontend Development

After discussing various topics, it is time to start development. First and foremost, you should initialize the frontend, which is a primary step toward blockchain development. You can engage with a Web3 development company to create a frontend for your blockchain platform. Here are a few vital frontend technologies to consider:

• UI/UX Designing:

When embarking on frontend design, starting with the user interface is essential. Crafting an attractive and interactive interface is crucial for achieving high user engagement. Developing a blockchain platform akin to EOS can benefit significantly from superior designs and theme-based templates, which enhance user experience and foster a more engaging environment.

• Behavioral Scripting:

In this phase, developers utilize CSS to style the web application, ensuring it is both visually appealing and functional. Often, Bootstrap is integrated to enhance responsiveness, making the application adaptable to various screen sizes. The combination of advanced CSS elements with sophisticated scripts can lead to a highly interactive and refined application. For mobile applications, XML scripting is pivotal in the development of interfaces, providing structure and design elements essential for a seamless user experience.

• DOM Manipulation:

It essentially enhances responsiveness and facilitates the generation of events and functions for web application manipulation. However, it is a costly integration for an application. To tailor your requirements accordingly, you can consult a reputable app development company to confirm the costs associated with blockchain development.

4. Backend Development

Our frontend development is now completed, and we are ready to move on to backend development. The final cost to develop a blockchain platform like EOS is mainly dependent on this crucial step. Now, let’s look at some major backend technologies:

• Node and API:

Node is a server-side JavaScript runtime environment that enables developers to write backend code with the same programming language used for frontend development. It offers high scalability and efficiency, making it an ideal choice for blockchain platform development. APIs (Application Programming Interfaces) are essential for connecting different modules of a web application and enabling communication between them. For blockchain platforms, APIs are particularly crucial as they facilitate interactions between the frontend interface and the blockchain network.

• Database Management:

Database management is a vital aspect of backend development, and it involves choosing the right database for your application’s needs. For blockchain platforms, SQL or NoSQL databases are commonly used. SQL (Structured Query Language) databases offer better security and structured data storage, while NoSQL (Not Only SQL) databases provide more flexibility in handling unstructured data.

• Encryption Algorithms:

Implementing encryption algorithms is a crucial factor in securing the tokens generated and stored in a blockchain platform. Various encryption algorithms are employed to maintain the security and privacy of different non-transferable tokens. These include ElGamal, RSA, AES, and DES. Each of these algorithms offers unique features and levels of security, ensuring that sensitive data and tokens are well-protected against unauthorized access and potential breaches.

5. Blockchain Infrastructure

Developing a sophisticated infrastructure is essential for a blockchain platform like EOS. Blockchain operates by maintaining ledgers and transactions within individual blocks, which are then linked together through chains. This intricate architecture ensures the security and immutability of data. To begin this process, the design must first be meticulously implemented, followed by the subsequent development of the blockchain platform. This approach lays the foundation for a robust and efficient blockchain ecosystem, crucial for managing and securing digital transactions.

6. Security Measures

After the development of the blockchain platform, it’s mandatory to secure your platform through various ethical hacking techniques. Utilizing tools such as Nmap, XML scripting, and Wireshark, one can add an essential layer of protection to the blockchain platform. These tools help identify vulnerabilities, monitor network traffic, and script automated tasks to ensure the system’s integrity and security. Ethical hacking plays a critical role in fortifying the platform against potential threats and maintaining a secure blockchain environment.

7. Testing and Documentation

An EOS platform blockchain-based company ensures that its applications can be handled easily and effectively by businesses through comprehensive testing and thorough documentation. The platform first undergoes extensive testing to identify and resolve any potential issues. Once the testing phase is complete, the company prepares a detailed manual, documenting all aspects of the application to assist users in navigating and utilizing the platform efficiently. Additionally, businesses can also seek the expertise of a web development company that specializes in creating web3 development services, further enhancing their capabilities and integration with blockchain technology.

8. Launching and Updates

Finally, we have reached the stage where your application is ready for launch and the initial update can be provided to users. Offering useful and essential updates to consumers is crucial for any business to thrive in today’s competitive market. How you choose to develop a blockchain platform like EOS, complete with standard updates and packages, is paramount. Regular updates not only enhance the platform’s functionality and security but also ensure that it meets the evolving needs of users, thereby sustaining its relevance and success in the dynamic blockchain landscape.

Read More: Top 13 Real-World Applications of Blockchain Technology

Major Attributes to Develop a Blockchain Platform like EOS

EOS blockchain platform offers numerous features and functions characterized by reduced dependency and increased reliability. As an expert in the market, you might consider investing in developing a blockchain platform comparable to EOS. Here are some key features of a blockchain platform like EOS:

1. Scalable in Nature

Applications similar to EOS are highly scalable and adept at managing real-time functionalities. They can efficiently process millions of queries simultaneously and deliver timely solutions.

2. Efficient Resource Management

Effective resource management is facilitated by robust backend database infrastructure. By utilizing this infrastructure, developers can configure the allocation of RAM within the CPU through tailored customization, ensuring optimal performance and resource distribution.

3. Decentralized Governance

Each user retains control over their transactions and tokens, granting them the capability to manage their investments appropriately. To offer a comparable token feature to your users, consider engaging a reputable Soulbound Token Development service provider.

4. Inter-Blockchain Communication (IBC)

This ensures seamless and error-free communication as well as transactions between two distinct networks. IBC enables interoperability, a critical feature for effective execution, facilitating streamlined operations across different blockchain systems.

5. Standard Encryption

Given that blockchain platforms are increasingly susceptible to diverse attack vectors, it is imperative to protect transactions and tokens from harmful scripts and phishing attempts.

6. Standardization of Tokens

This comprehensive feature allows blockchain users to utilize tokens without any limitations. It provides a unique market identity, enabling businesses to establish standardized tokens.

7. Large Database Structure

Due to the extensive use of blockchain applications by millions of users, there is now a critical need for a database management system capable of securely and cohesively storing tokens and transaction records.

8. Layer/Compact Function

This feature introduces a layer-2 scaling solution that enables users to rectify their tokens in the event of defects. Additionally, blockchain applications boast a higher degree of compatibility compared to traditional payment platforms.

Substitute to Blockchain Platform like EOS

There are numerous alternatives to the blockchain platforms that offer services and features comparable to those of the EOS blockchain platform. Here are a few of them:

1. Ethereum

Ethereum is a globally utilized blockchain platform featuring its native cryptocurrency, Ether (ETH). Numerous development companies in the United States specialize in Ethereum, offering professional assistance to help you build blockchain platforms similar to EOS and Ethereum.

2. Tron

Tron is a widely-used blockchain platform primarily designed to enhance compensatory performance for content creators. Its native cryptocurrency, TRX, operates on a dedicated operating system, serving as a preliminary token for various transactions. Numerous companies offer Tron token development services, providing tailored solutions to meet diverse needs.

3. Hyperledger

Hyperledger operates on a diverse and dynamic architecture, enabling users to build robust networks that facilitate effective interaction and contribution. It offers a sophisticated mechanism for interlocking transactions and tokens, ensuring the confidentiality and integrity of data. Numerous blockchain development companies in the United States offer specialized services in tokenization, helping businesses leverage this advanced technology.

4. Solana

Solana is a web3-based blockchain platform that employs a proof-of-stake (PoS) mechanism. Its native cryptocurrency, SOL, is known for its decentralization and scalability with each transaction. In the United States, you can reach out to a blockchain development company to build a blockchain platform similar to EOS and Solana.

5. Steller

Stellar serves as an innovative payment and transaction gateway, facilitating token and stock exchanges between multiple currencies. Its unique approach ensures seamless and efficient transactions. Numerous companies in the United States offer Stellar blockchain development services to businesses at competitive rates.

Why is Blockchain Platform like EOS in Trend among the People?

Because of the continuous advancements in digital transactions, it has become essential to develop blockchain platforms like EOS to cater to people’s evolving needs. Users are increasingly fascinated and eager to engage with applications that offer a diverse range of crypto tokens and expansive functionalities. Below are a few of the trending and impressive factors:

1. Freedom in Transaction

Users experience remarkable freedom when transacting tokens, ensuring efficient and seamless transfers. Initial Coin Offerings (ICOs) are often utilized in tokenized form, allowing for restriction-free transactions and offering complementary services. To implement this effectively, consider engaging with an ICO development services provider who can assist you in introducing your own token.

2. User Friendly Interface

As already discussed in the sections above about the deployment and formation of the user interface, it is essential to ensure that a blockchain platform like EOS is visually appealing and attractive to users. Engaging with an ICO token development company can be highly beneficial in this regard, as they can design interactive and theme-based tokens for your application, making it more enticing and user-friendly.

3. Secure Platform

EOS is renowned for being a highly secure blockchain platform, enabling users to utilize tokens and generate income with confidence. The importance of securing such platforms has escalated significantly over the past few years due to the extensive rise in tokenization. Creating a secure and data-encrypted stablecoin platform is essential for businesses aiming to maintain authenticity and protect user assets. Engaging with specialists in blockchain security can ensure robust protection measures are in place, fostering a trustworthy environment for all stakeholders involved.

4. Multiple Trading Options

Users are generally attracted to platforms that offer a diverse range of features presented with simplicity and elegance. In the blockchain industry, the trading of tokens and coins is immensely popular among users. As a market expert, it’s imperative to build a blockchain platform like EOS that provides numerous trading options. This approach caters to the varied preferences of users, enhancing their trading experience and encouraging engagement on the platform.

Why Do Businesses Choose to Develop a Blockchain Platform like EOS?

There are several reasons why businesses choose to develop a blockchain platform like EOS. Some of the most significant factors include:

1. Large User Base

It is evident that building a platform like EOS attracts a substantial number of customers and generates high profit revenue for businesses. Joining the competitive field of blockchain app development can be a lucrative business venture, and creating a blockchain platform similar to EOS can significantly enhance your market position.

2. Free Platform

Much like the EOS platform, there are various others that provide free services to end users. This presents a valuable opportunity for professionals to conduct market research on such platforms and develop their own. Consulting with a renowned app development company can be a strategic move. Discussing the costs to hire blockchain developers with these companies can help secure quality services at reasonable prices.

3. Less Delay Time

Businesses should prioritize developing a blockchain platform like EOS with a low latency rate and minimal delay for tokenization. This approach ensures that clients and users enjoy a seamless and efficient experience, which is crucial in the fast-paced world of digital trading. It’s important to note that the cost associated with launching an ICO can contribute to these delays. Therefore, planning and investment in reducing latency can significantly enhance your platform’s performance and user satisfaction.

4. Collaborative Execution

Any decentralized application (dApp) offers parallel processing and a collaborative environment, enabling users to actively engage and contribute to the blockchain ecosystem. This structure effectively prevents the occurrence of double spending and creates a distinct space for user transactions.

Cost to Build a Blockchain Platform like EOS

The cost to create a blockchain platform like EOS is a prevalent concern among business experts and investors due to its inherent complexity. Maintaining a balance between cost efficiency and the quality of the blockchain platform often sparks anxiety. Many companies gravitate towards Hyperledger blockchain development to achieve low-cost efficiency. Developing a simple and basic application with limited features and functions typically costs between $8,000 and $15,000. In contrast, designing a sophisticated platform with multiple functional units requires an investment exceeding $26,000.

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Practical Solutions for Business Owners

After reviewing every topic on this blog, it’s clear that you possess a deep understanding of the process involved in developing a blockchain platform similar to EOS. Additionally, there are numerous insights provided regarding the costs associated with building such a platform.

This presents a prime opportunity for your business to invest in a Solana blockchain development company. Don’t hesitate any longer; seize the chance to engage in open platform development now.

Frequently Asked Questions

1. What Do You Mean by a Blockchain Platform like EOS?

Blockchain platforms like EOS provide a stage for token creation and distribution. They offer flexible mechanisms for token supply and support a variety of trading options. The platform primarily operates on two major consensus mechanisms: proof of stake (PoS) and proof of work (PoW).

2. What is the Time Required to Develop a Blockchain Platform like EOS?

The development time for building a simple blockchain platform typically ranges from 5 to 8 months. However, creating a well-established platform with innovative features often requires more than 12 months.

3. What is the Cost to Create a Blockchain Platform like EOS?

Businesses need to invest between $8,000 and $15,000 to build a basic application. However, developing a comprehensive blockchain platform equipped with advanced features and utilizing sophisticated tools and technologies requires an investment exceeding $26,000.

4. What is the Benefit to Make a Blockchain Platform like EOS?

There are numerous alternatives to blockchain platforms like EOS that offer significant benefits to businesses, especially in terms of revenue generation and attracting a large user base. Consider partnering with an app development company in the USA to build a similar platform. By doing so, you can establish a trustworthy reputation that encourages users to invest confidently in your application.

5. How can iTechnolabs Assist Businesses to Develop a Blockchain Platform like EOS?

iTechnolabs has a collaborative environment that offers businesses exceptional services and solutions. You can hire a blockchain developer team from our company that can guide you through the process of developing a blockchain platform like EOS. So, what are you thinking? Get out of your dilemma and reach out to us to avail yourself of the best possible services.